Bill > AB685

This bill, titled the Small Business Resiliency and Innovation Act, appropriates $26,000,000 from the General Fund to create the Small Business Resilience and Innovation Fund, which will be administered by the Office of Small Business Advocate (OSBA), part of the Governor’s Office of Business and Economic Development (GO-Biz). The funds will be allocated to support small businesses through the Capital Infusion Program (CIP), which provides resources for strategic initiatives and access to capital, and the Small Business Technical Assistance Program (SB-TAP), which offers consulting and training. Additionally, $2,000,000 is set aside for OSBA's administrative costs. The bill emphasizes the need for this funding due to economic volatility and rising costs impacting small businesses, and requires GO-Biz to report to the Legislature on fund allocation and impact by January 1, 2030, with the act set to be repealed on January 1, 2030. This legislation is declared an urgency statute, meaning it takes effect immediately, to address the immediate threat to local employment, household income, and community stability posed by these economic challenges.

Budget and Finance, Business and Industry

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB685